The Central Bank of Nigeria (CBN) today injected $210 million into the Inter-bank segment of the Foreign Exchange (Forex) market in furtherance of its sustained monetary policy objective of ensuring adequate liquidity in the market sustainably.
Figures obtained from the apex bank on the intervention showed that $100 million was provided for authorized dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got $55 million.
Also, to ensure that customers needs in the invisibles segment covering tuition fees, medical payments and Basic Travel Allowance (BTA) are met, the bank also supplied them $55 million.
The apex bank’s Acting Director, Corporate Communications, Isaac Okorafor, assured customers of the bank’s continued commitment to the Forex market liquidity.
It would be recalled that the CBN last Friday, July 27, injected Chinese Yuan (CNY) 69,858,087.15 in the spot and short tenored forwards into the market. This was in addition to the $340, 507, 376.51 into the interbank retail Secondary Market Intervention Sales of the Forex banking.
Meanwhile, the naira sustained its stability trend in exchange with other foreign currencies today in the Forex market, exchanging for N360/$1 in the BDC segment.
